China Molybdenum Co., Ltd. has acquired a 95-percent stake in the Kisanfu copper-cobalt mine in the Democratic Republic of Congo (DRC) from U.S.-based Freeport-McMoRan Inc. for 550 million U.S. dollars.
The Kisanfu mine holds an estimated 6.28 million tonnes of copper and 3.1 million tonnes of cobalt metal.
Li Chaochun, vice chairman of the board of China Molybdenum, said a sound exploration of the Kisanfu mine would bring great social value and economic benefits to the surrounding communities and the DRC. The company has pledged to develop the project "in the most responsible and self-disciplined way."
Headquartered in Luoyang City, central China's Henan Province, China Molybdenum is the world's leading molybdenum and tungsten producer. It has been listed in both Hong Kong and Shanghai. Enditem